There was a topic on this in the Press Releases forum not too long ago.

It's comic books, he'll be back when they think the time is right and the demand is there. Plus they can write up any kind of armor piercing special round they want to defeat Cap's protection. We've seen the uniform ripped and torn before, so why couldn't it be pierced by bullets of some kind.

A comic book geek buddy of mine and I discussed this. He believes that Cap is alive and well (due to the Super Soldier Serum Cap took so many decades ago which has given him a healing factor that will have him up and out of bed in days), and may even be masquerading as a different character in the Civil War series. Its too late for me to jump into the Marvel Civil War, but damn it, I'm buying the Civil War paperback once it gets published and released!

He got shot in the back of the neck, ouch, and then in the stomach a few times as well, but yeah, he's one of Marvels major characters and won't stay "dead" for long, although whether he comes back as Captain America is another matter.